Joint ownership of property

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Joint Ownership Of Property:

Co-owners mean all the owners of a property. If the property is owned by more than one person, it is called joint ownership. Any co-owner can transfer his own share in the property to a stranger or another co-owner, and the transferee steps in the shoes of the co-owner. The transferee becomes the co-owner.

What does joint ownership of a property mean?

Joint ownership means that two or more people are the legal owners of the property. Usually, joint owners are liable for the whole of the payments for any joint loans secured on the property, and decisions about the property are made by all the joint owners.

What happens to a jointly owned property?

As joint tenants, each person owns the whole of the property with the other. If one co-owner dies, their interest in the property automatically passes to the surviving co-owner(s), whether or not they have a will. As tenants in common, co-owners own specific shares of the property

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